The global Augmented Reality Market size is estimated to reach USD 340.16 billion by 2028, according to a new report by Grand View Research, Inc. It is anticipated to register a CAGR of 43.8% from 2021 to 2028. Continued innovations in the Augmented Reality (AR) realm, which have triggered the adoption of the technology in several industries and industry verticals, is fueling market growth. People are increasingly adopting the AR-supported online platforms for shopping, education, and social media interactions, among other purposes, for a better immersion experience. The introduction of Website-based AR (WebAR), a digital technology that allows users to directly access AR on the internet without having to download any application, is expected to create substantial opportunities for the market growth.
E-commerce sales are on the rise as brick and mortar retail stores remain temporarily shut, in various parts of the world in the wake of the COVID-19 pandemic. Hence, several businesses are launching new products online and adopting AR technology to provide an immersive experience to buyers. AR and 3D visualization are allowing consumers to experience products virtually in real time before making a buying decision.
The adoption of AR technology in the education industry is also gaining traction owing to the potential of the technology to help students in experiencing a more detailed and live explanation of informative concepts. The adoption of augmented reality in the education industry is poised for significant growth over the forecast period as several educational institutions are shifting their courses and lectures to virtual event platforms in the wake of the COVID-19 pandemic.
Related Press Release @ Augmented Reality Market Report
Augmented Reality Market Report Highlights
- Smartphone proliferation and widescale adoption of AR in mobile games are expected to drive the growth of the market
- The handheld devices display segment is anticipated to exhibit the highest CAGR of over 45.0% from 2021 to 2028
- The industrial and manufacturing application segment accounted for the highest revenue share in 2020
- The Asia Pacific regional market is expected to register the highest CAGR over the forecast period